PayPal launches crypto service in run at Square

In competition with Square's service that allows users to buy and hold Bitcoin, PayPal Holdings (PYPL) introduces a new service that enables customers to buy, hold, and sell cryptocurrency directly from their PayPal account.In addition, PayPal signals plans to increase crypto's utility by making it available as a funding source for purchases at its 26M merchants.PayPal jumps 3.7% in premarket trading.PayPal has been granted a conditional Bitlicense by the New York State Department of Financial Services.The company is introducing the ability to buy, hold and sell select cryptocurrencies, initially featuring Bitcoin, Ethereum, Bitcoin Cash and Litecoin, directly within the PayPal digital wallet. The service will be available to PayPal accountholders in the U.S. in the coming weeks. It plans to expand the features to Venmo and select international markets in H1 2021.There are no service fees when buying or selling cryptocurrency through Dec. 31, 2020, and there are no fees for holding cryptocurrency in a